30 Sep - Morning Newsletter (with changes)

Good Morning!

Since last week's interest rate decision, there has been plenty of movement in the bond markets. Investors believe the Fed will soon begin phasing out its bond-buying program. Investors are already anticipating this and have started selling bonds en masse. As a result, the US 10-year yield rose from around 1.32% to 1.53% in a week, a level we last saw in mid-June.This higher interest rate naturally results in higher costs for companies and also that future profits are valued lower. This is therefore the main reason for the relative weakness we have seen in the Nasdaq over the past week. Also yesterday, the Nasdaq underperformed the S&P 500, which closed 0.16%, with a loss of 0.24%. Of course, we also see this reflected in the chart of the Nasdaq below. A potential lower top has formed and support is approached. After a downward breach, the Nasdaq may fall further. The price is nearly 6% below its all-time high, while the S&P 500 is just 4.5% lower than its high at the beginning of the month. The month of September is almost over and with it the 3rd quarter. This is often positive for equities. Not only are many institutional investors window-dressing, where portfolios are rebalanced, but we are also exiting the month that has historically been a bad month for equities anyway.

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Today Top Movers

Farmmi Inc. (FAMI) stock soared 26.44% to $0.4299 in the pre-market trading. The company recently issued a CEO update letter detailing an expansion of the Company's addressable market through an acquisition, and its expectation for increased growth and expanded opportunities.

Grom Social Enterprises Inc. (NASDAQ: GROM) shares are trading up 18.42% at $4.05 at the time of writing. One of the biggest reasons why Grom Social Enterprises could have increased is due to Facebook’s subsidiary Instagram pausing its plans to develop a social network for kids.

Virgin Galactic Holdings Inc. (SPCE) grew over 9.4% at $24.68 in pre-market trading today after receiving clearance to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry that focused on air traffic control clearance and real-time mission notification related to the Unity 22 flight in July.

Camber Energy Inc. (CEI), a Oil & Gas E&P company, rose about 17.25% at $4.01 in pre-market trading Thursday. CEI saw a massive spike in interest from retail traders on WallStreetBets, according to data from HypeEquity.

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Top Upgrades & Downgrades

JP Morgan turned bullish on Amicus Therapeutics Inc. (FOLD), upgrading the stock to "Overweight" and assigning a $16.00 price target, representing potential upside of 65.63% from Thursday's close.

Pactiv Evergreen Inc. (PTVE) has won the favor of BMO Capital's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $16.00, suggesting 34.57% additional upside for the stock.

Black Knight Inc. (BKI) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $83.00. They changed their rating on BKI to Outperform from Market Perform in a recently issued research note.

Earlier Thursday JP Morgan reduced its rating on G1 Therapeutics Inc. (GTHX) stock to Neutral from Overweight and assigned the price target to $20.00.

Atlantic Equities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Starbucks Corporation (SBUX) has been changed to Neutral from Overweight and the new price target is set at $105.00.

Analysts at National Bank downgraded Kirkland Lake Gold Ltd. (KL)'s stock to Tender from Sector Perform Thursday.

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Latest Insider Activity

Elastic N.V. (ESTC) Director FENTON PETER H announced the sale of shares taking place on Sep 28 at $155.16 for some 11,042 shares. The total came to more than $1.71 million.

GoodRx Holdings Inc. (GDRX) 10% Owner Idea Men, LLC sold on Sep 29 a total 266,726 shares at $40.40 on average. The insider’s sale generated proceeds of almost $10.78 million.

InMed Pharmaceuticals Inc. (INM) President & CEO ADAMS ERIC A declared the purchase of shares taking place on Sep 28 at $1.75 for some 11,400 shares. The transaction amount was around $19984.0.

Onconova Therapeutics Inc. (ONTX) SVP Corp Dev & Gen Counsel OLER ABRAHAM N. bought on Sep 28 a total 12,515 shares at $4.20 on average. The purchase cost the insider an estimated $10,000.

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Important Earnings

Top US earnings releases scheduled for today include AngioDynamics Inc. (NASDAQ:ANGO). It will announce its Aug 2021 financial results. The company is expected to report earnings of -$0.04 per share from revenues of $71.31M in the three-month period.

Analysts expect Bed Bath & Beyond Inc. (NASDAQ:BBBY) to report a net income (adjusted) of $0.52 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $2.06B.

Jefferies Financial Group Inc. (JEF), due to announce earnings after the market closes today, is expected to report earnings of $0.99 per share from revenues of $1.74B recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team

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